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What is a fixed rate mortgage?

Risks

If interest rates decrease then you would not benefit from a reduction in your monthly payment.

You're tied into the deal, which means if you no longer want the product or the mortgage during the term of the deal, you could incur an early repayment charge.

Only limited overpayments are permitted. You can make overpayments of up to 10% of your mortgage balance in any 12 month period (commencing from the date the mortgage was drawn down) without incurring an early repayment charge.

Risks

Rates can increase at any time, which means that your monthly mortgage payment would increase.

You're tied into the deal, which means if you no longer want the product or the mortgage during the term of the deal, you could incur an early repayment charge.

Only limited overpayments are permitted. You can make overpayments of up to 10% of your mortgage balance in any 12 month period (commencing from the date the mortgage was drawn down) without incurring an early repayment charge.

Benefits

Rates can decrease in line with Bank of England base rate, meaning that your monthly mortgage payment would be lower.

After you have had a tracker rate for more than 3 months you have the track & switch option available to you, if you become wary of rises in interest rates. This means that you have the option to move to a new fixed rate product without incurring an early repayment charge.

Standard Variable Rate

What is a Standard Variable Rate mortgage?

Our Standard Variable Rate (SVR) may vary from time to time, and can go up or down. However, you are not tied in to a deal and can change your product or mortgage without charge at any time.

Where you're about to roll-off on to SVR or are already on it, you do not need to take any action if you want to remain on SVR. However, if you're unsure please use the link below to book an appointment with one of our professionally qualified mortgage advisers.

Flexible mortgages

What is a flexible mortgage?

Our Offset Flexible Mortgage allows you to link your savings and current account balances to your mortgage, meaning you only pay mortgage interest on the difference between the balance on those accounts and your mortgage balance. This could allow you to pay off your mortgage faster without increasing your monthly payment, and you may pay less mortgage interest.